The amount of travel-related information available online and through direct marketing has increased exponentially over the past few decades, and the amount has grown to be overwhelming for the average consumer.
New research from Accenture confirms the same. According to the results of the company's just-released 2024 Consumer Pulse study titled “The Empowered Consumer,” travelers are grappling with the overwhelming amount of information they receive from competing travel brands and are struggling to plan their trips. It is necessary to collect information on Or vacation.
And consumers are now less confident booking a hotel than they are buying a car. And they say booking a flight can be as nerve-wracking as taking out a mortgage.
Another key takeaway from the study, which surveyed 19,000 consumers across 12 continents, was that “retailers, consumer goods, and travel companies are losing touch with customers due to overwhelming and confusing purchase journeys. You could lose both revenue.”
As a result, 73% of consumers surveyed felt they had “too many choices” and 75% said they were bombarded with advertising. 74% of them completely abandoned their purchases in the last three months of 2023.
Additional high-level statistics from survey respondents include:
- The path to purchase is too long: 60% of respondents feel overwhelmed by the number of steps and decisions required to make the “right” purchase.
- Research takes too long: 70% of survey respondents believe that researching potential buyers takes more time and effort than necessary, and 77% would like to spend less time researching potential buyers and more time doing the things they love. thinking about.
- Generative AI helps you: 87% of Accenture survey respondents want their generative AI advisor to provide them with specific recommendations they can trust every time, and 82% want their generative AI advisor to provide them with recommendations they wouldn't otherwise find/consider. We hope to surprise you with new proposals that have never been possible before.
- On-demand services may be the future. 87% of survey participants said they feel generative AI agents should be available whenever and wherever they are needed (in-store, online, in an app, etc.).
A study by Consumer Pulse found that “Generative AI acts as a 'travel influencer' driving personalized recommendations in real-time to help consumers feel more confident, informed, and engaged.” “This has the potential to simplify, accelerate and enrich the travel booking experience.”
In fact, Oliver Wright, senior managing director and global lead of Accenture's consumer goods and services industry practice, says there will be something of a revolution in the use of generative AI over the next few years.
“Over the next three years, we believe that consumer adoption of these generation AI technologies will lead to the most significant rethinking of what and how we buy in decades. I expect that,” Wright said.
Wright explained that consumers have indicated an intention to use conversational generative AI solutions to research and purchase products and experiences. And these tools will disrupt the traditional sales and marketing messages that have dominantly shaped consumption.
The report also highlights the importance of taking a comprehensive look at core operational processes and using generative AI to unlock value at scale. For the travel industry, this means travel companies are considering how reinventing the booking process can act as a catalyst to unlock value from the entire travel experience.
“Travel planning often feels siled, disjointed, and overwhelming as consumers deal with an overwhelming amount of content and advertising from competing travel brands and influencers. Emily Weiss, senior managing director and global lead for travel industry practice at Accenture, said. “Generative AI has the potential to simplify, accelerate, and enrich the travel booking experience.”
In fact, in the travel booking process of the future, generative AI will act as a “travel influencer,” providing personalized recommendations to help consumers feel more confident, informed, and engaged. It also has the potential to improve in real time.
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